Condensed interim financial statements for the period of 3 months ended 31 March 2025

MABION S.A.

Condensed interim financial statements

for the period of 3 months ended 31 March 2025

Konstantynów Łódzki, 27 May 2025

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

1 January 2025 1 January 2024

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

(not audited)

(not audited)

in PLN thousand Notes 31 March 2025 31 December 2024 31 March 2024

The explanatory notes presented on pages 5 to 26 are an integral part of these financial statements.

CONDENSED INTERIM CASH FLOW STATEMENT

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

premium

in PLN thousand Share capital Share

Supplementary capital

Other reserves

Accumulated losses

Total equity

The explanatory notes presented on pages 5 to 26 are an integral part of these financial statements.

ADDITIONAL INFORMATION

1. Company

   Mabion S.A. (Mabion or Company) was established on 30 May 2007 as a limited liability company. The legal form of the Company changed on 29 October 2009 as a result of the transformation of the limited liability company into a joint-stock company established in accordance with the law of the Republic of Poland. Currently, Mabion is entered on the Register of Entrepreneurs of the National Court Register kept by the District Court for Łódź-Śródmieście in Łódź, 20th Commercial Division of the National Court Register with KRS number 0000340462. The Company was assigned tax identification number NIP 7752561383 and statistical identification number REGON 100343056. The Company's registered office is Konstantynów Łódzki, ul. gen. Mariana Langiewicza 60.

   The Company's shares are listed on the Warsaw Stock Exchange.

   Mabion is a Polish biopharmaceutical company that provides contractual services in the scope of development, analytics, and manufacturing of biologic medicines (Contract Development and Manufacturing Organisation, 'CDMO').

   In line with the strategy adopted in 2023 and subsequently updated in April 2025, the Company continues to develop into a biologics CDMO with a fully integrated offer. The Company has updated its Strategic Plan for 2023-2027 - Outlook for 2025-2030. Detailed information on the assumptions of the Strategy for 2025-2030 can be found in section 2.2. the Directors' Report for 2024.

2. Basis for the preparation of the financial statements
   1. Basis of preparation

      These condensed interim financial statements of Mabion S.A. for the three months ended 31 March 2025 have been drawn up in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, effective as at 31 March 2025.

      The condensed interim financial statements do not include all the information required in the full financial statements compliant with IFRS as adopted for application in the European Union and should be read in conjunction with the audited financial statements of the Company for the financial year ended 31 December 2024, published on 24 April 2025.

      The condensed interim financial statements of Mabion S.A. as at and for the period of 3 months ended 31 March 2025 have been drawn up in accordance with the going concern principle (further information on the assumptions concerning the Company's ability to continue operations is provided in Note 3).

      The most important accounting policies that have been applied in these financial statements are presented in Note 4. The same

      policies were applied in each financial year, unless explicitly stated otherwise. In Q1 2025, there were no changes in the accounting principles (policies) applied.

      The condensed interim financial statements have been drawn up in accordance with the historical cost principle, except for certain assets and liabilities and equity measured at fair value pursuant to the IFRS.

      Significant accounting estimates and judgements of the management are presented in Note 4.3.

      These financial statements were authorised for publication by the Company's Management Board on 27 May 2025.

   2. Statement of compliance

      These interim condensed financial statements have been drawn up in accordance with the requirements of International Accounting Standard 34 "Interim Financial Reporting" as endorsed by the EU ("IAS 34").

      The scope of the interim financial statements is consistent with the Minister of Finance Regulation of 29 March 2018 on current and periodic reporting by issuers of securities and the rules of equal treatment of the information required by the laws of non-member states (consolidated text: Polish Journal of Laws of 2018, item 757) ("Regulation") and covers the annual reporting period from 1 January to 31 March 2025 and the comparative period from 1 January to 31 March 2024 for the profit and loss account and the statement of comprehensive income, the statement of changes in equity and the statement of cash flows, respectively, and the balance-sheet data as at 31 March 2025 and comparative data as at 31 December 2024 and as at 31 March 2024.

3. Going concern principle

   In the current reporting period, the Company continued its business in the following areas:

   • operating activities consisting in the implementation of:

     1. agreement signed with Novavax Inc. and execution of orders for analytical and stability testing of the Client's samples;

     2. an agreement entered into with an immunotherapy company with its registered office in the United Kingdom, for the execution of three orders covering the process transfer, and manufacturing and release of a product for clinical purposes; development and transfer, and validation of analytical methods, including stability testing, as well as filling of the finished product, and also its packaging, labelling, and storage.

   • intensification of sales activities to acquire new contracts and to continue the activities to position the Company as a fully integrated actor on the CDMO market, by expanding the Company's portfolio of competences and services,

   • development of the Company leading to increased competitiveness and attractiveness as a development and manufacturing partner with regard to biopharmaceutical products.

   Update of the status and plans for the operating activities consisting in the execution of manufacturing orders and the impact on the Company's liquidity:

   The assumption of securing production-related contracts forms the basis of the Company's financial plan. Below, contracts are listed that were concluded in the previous financial year and were implemented during the current period covered by this condensed financial statement, as well as new contracts signed in the current reporting period or after the balance-sheet date, which will be implemented in subsequent periods.

   On 16 August 2024, the Company entered into three work orders with a UK-based immunotherapy company for the performance of specified services. The implementation of the contractual works commenced in September 2024, with completion scheduled for Q2 2025. The value of the services contracted under the current SOWs amounts to approximately PLN 5.5 million (with payments denominated in USD). Payments are made on a monthly basis over a period of ten consecutive months. The stated value excludes the cost of raw materials and consumables, which are accounted for separately.

   On 13 April 2025 (a post-balance sheet event), the Company concluded agreements with Instituto De Biologia Molecular Do Paraná - IBMP, based in Brazil, and with Sartorius Stedim Cellca GmbH, based in Germany, acting as a subcontractor. The subject of the statement of work placed by the IBMP is the provision of services in the following fields: mobile phone network development, process development, product manufacturing for preclinical and clinical trials, development and validation of analytical methods, and preparation of necessary dossier. The Company will provide selected services in cooperation with subcontractors. The total net order value is approx. PLN 18.3 million (calculated at the exchange rate of 11 April 2025), of which approx. 20-25% will go to subcontractors. The payments, denominated in USD, will be made systematically over a period of 14 months, and the services are scheduled to begin in Q2 2025. Once the agreement was signed, the Company and the Customer started the preparatory work. Any activities related to the order can only commence once the Customer has entered into an agreement with a third party regarding the financing of the project and once a subcontractor has formally accepted the Company's offer to perform part of the ordered work. The company expects these conditions to materialise by the end of Q2 2025.Completion of the contracted service is expected in Q1 2027.

   On 17 April 2025 (an event after the balance-sheet date), the Company entered into an agreement with WPD Pharmaceuticals Sp. z o.o. for the provision of services related to the development of analytical methods for a recombinant protein medicine candidate conjugated with a cytotoxic compound, as well as for the intermediate protein product. The scope of work includes process control, characterisation of the protein intermediate and conjugate, and release testing analytics. The agreement is scheduled for completion in Q1 of 2026. The total net consideration under the agreement amounts to approximately PLN 2.0 million, with 10% of the total fee payable upon delivery of the general project plan to the Contracting Party. The remaining amount will be invoiced progressively in line with the advancement of the project. The remuneration is subject to adjustment based on specific conditions stipulated in the agreement. On 19 May 2025, the Company received confirmation from the Contracting Party that it had concluded a funding agreement for the implementation of the project covered by the Agreement, which constituted a condition precedent of the Agreement. As a result, the Agreement for the provision of analytical method development services by the Company to the Contracting Party came into effect.

   The Company continues to actively pursue business development efforts aimed at securing additional contracts to maximise utilisation of the Company's manufacturing capacity.

   Although, as of the date of these financial statements, no contracts have been signed that would ensure sufficient cash inflows to support operations over the twelve-month period following the signing of these statements, the assumption of securing such contracts in the near term remains a key component of the Company's financial planning. As at the date of signing these financial statements, the Company maintains a broad pipeline of potential projects and clients. Ongoing negotiations are in progress, and the Company expects these discussions to result in signed CDMO contracts in subsequent periods.

   Based on the current forecasts of the Management Board, the proceeds from the implementation of already signed as well as potentially acquired contracts with new clients later this year are insufficient to maintain current liquidity for a one-year period as of the balance sheet date. Therefore, the Management Board has determined that in order to ensure an adequate level of financing for the Company's ongoing operations and further acquisition of production orders, an immediate capital injection is necessary.

   Company's liquidity management scenarios

   Following discussions with the Supervisory Board, the Management Board of the Company immediately initiated actions aimed at verifying available external sources of financing. As a result of offers received from selected advisors, as well as meetings held concerning consultancy and support in negotiations for the acquisition of new debt, equity, or mezzanine financing from local or international investors or financial institutions, the Company decided to commence a process aimed at developing an optimal financing structure, to be sourced from the following (alternatively or jointly):

   1. Acquisition of debt financing, primarily from Private Debt funds;

   2. Raising capital through a share issuance;

   3. Acquisition of a strategic or financial investor to recapitalise the Company.

   The preferred and currently implemented scenario is obtaining debt financing from Private Debt funds, which, in the opinion of the Management Board, would constitute the most optimal source of medium-term financing. The Management Board is actively undertaking steps to obtain such debt financing.

   Simultaneously, the Management Board is reviewing the potential for increasing capital through a share issuance, which, due to the high cost of capital, is considered a less preferred source of funding the estimated capital needs. The acquisition of a strategic or financial investor who could substantially recapitalise the Company is one of three scenarios that the Company has initiated in connection with the announcement of the updated Strategy for 2025-2030.

   Should the actions undertaken by the Management Board to secure sales contracts or obtain external financing prove insufficient, the Company, as of the date of publication of these statements, holds support letters from key shareholders (Twiti Investments Limited, Glatton Sp. z o. o., Polfarmex S.A.). These letters express their willingness and ability to continue financially supporting the Company's operational activities over at least the next 11 months from the date of signing these financial statements, in the event the Company's financial situation requires it. According to the Management Board, these letters ensure the continued financing of the Company during the implementation of the CDMO strategy.

   Securing financing constitutes the Company's baseline scenario, which is being pursued in parallel with further intensified market efforts aimed at ensuring an appropriate level of manufacturing orders. As part of these efforts, the Management Board is currently in discussions with a dozen or so entities interested in the Company's manufacturing capabilities. These discussions are at varying levels of engagement and their outcomes cannot be determined as of the date of these financial statements.

   A critical scenario, not currently being actively considered by the Management Board, but theoretically possible, would involve a significant reduction in operating costs, the largest components of which are salaries and the maintenance costs of the manufacturing facility. Such a scenario would allow the Company to maintain liquidity until sufficient production orders are secured. However, this is not currently being considered due to ongoing operational and manufacturing processes related to signed contracts and the acquisition of new contracts after the balance-sheet date, as announced in current reports of 14 April 2025 and 17 April 2025. In the opinion of the Management Board, implementation of all signed contracts is a higher priority than cost-cutting measures, as such actions could impair the Company's operational capabilities and, consequently, its ability to fulfil key contractual obligations.

   Material uncertainty related to going concern

   Despite the Management Board's intensive market activities, there is substantial uncertainty as to whether a sufficient number of production orders can be secured and executed to provide the Company with the cash flows necessary to maintain liquidity beyond a four-month period after the balance-sheet date. Consequently, there is significant uncertainty that may cast serious doubt on the Company's ability to continue as a going concern, and the Company may be unable to derive benefits from its assets and discharge its liabilities in the normal course of business. Nevertheless, in the opinion of the Management Board, the currently undertaken market activities and the state of discussions with potential contractors provide grounds to assume continued operations and demonstrate demand for the services offered by the Company.

   Despite the material uncertainty described above, the Management Board has adopted the going concern basis of accounting in these statements. This assumption is supported by the above-described market activities aimed at obtaining production orders and necessary funds in the transitional period, including the confirmed intent and possibility of support from major shareholders, who have expressed their commitment to supporting the Company's continued implementation of its business strategy.

   These financial statements have been drawn up in accordance with the going concern principle, which provides that the Company will continue to operate in the foreseeable future - not shorter than 12 months as of the balance-sheet date. Therefore, no adjustments have been made to the financial statements which might be necessary should the going concern assumption be unjustified.

4. Key accounting principles
   1. Functional and presentation currency

      The functional and presentation currency of the Company is Polish zloty. The financial statements are presented in thousands of Polish zloty, rounded to the nearest whole thousand, unless indicated otherwise.

      Transactions denominated in other currencies than PLN are converted at initial recognition into PLN at the exchange rate applicable at the transaction date.

      As at the balance-sheet date:

      • cash items are converted using the closing rate, i.e. the average rate set for the currency in question by the National Bank of Poland at that date,

      • non-cash items measured at historical cost in a foreign currency are converted using the exchange rate at the date of the original transaction,

      • non-cash items measured at fair value in a foreign currency are converted using the exchange rate at the date on which the fair value was determined.

      Foreign exchange gains and losses on the settlement of transactions in foreign currencies, as well as those resulting from the periodic conversion of cash assets and liabilities, are recognised in the financial result.

   2. Standards applied for the first time

      The material accounting principles applied by the Company in these interim condensed financial statements were consistent with those described in the annual financial statements for 2024, except for new or revised standards and interpretations effective for annual periods beginning on or after 1 January 2025. New published standards or amendments effective as of 1 January 2025 are as follows:

      • Amendments to IAS 21: Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability - not endorsed by the EU until the date of approval of these financial statements - effective for annual periods beginning on or after 1 January 2025;

      • Amendments to IFRS 16 Leases - Sale and leaseback obligations

      • Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures;

      • Amendments to IAS 1: Presentation of financial statements: Classification of liabilities as current and non-current, additionally, the amendments clarify issues related to the fulfilment of contractual covenants after the balance-sheet date.

      The newly published or revised standards and interpretations which apply for the first time in 2025 have no material impact on these financial statements of the Company.

   3. Professional judgement and estimation

      Drawing up financial statements in accordance with IFRS involves estimates and assumptions that affect the amounts reported therein. While these assumptions and estimates are based on the best knowledge of the Company's management regarding current activities and events, the actual results may differ from those projected.

      Below, fundamental assumptions concerning the future and other key sources of uncertainty as at the balance-sheet date, involving a significant risk of a material adjustment to the carrying amounts of assets and liabilities in the next financial year. The Company has made assumptions and estimates regarding the future on the basis of its knowledge during the preparation of the separate financial statements. The assumptions and estimates made are subject to change as a result of future events due to market changes or changes beyond the Company's control. Such changes are reflected in the estimates or assumptions at the time of their occurrence.

      1. Impairment analysis for property, plant and equipment and determination of value in use based on projected cash flows

         The Company carried out impairment tests on its property, plant and equipment based on a long-term plan and an accompanying analysis using the discounted cash flow (DCF) model. This analysis demonstrated that the value in use of the assets covered the carrying amount recognised in these statements.

         The model incorporated various scenarios reflecting the probability of contract implementation affecting cash flows -from worst-case to optimal and intermediate outcomes - while the final result reflected an combination of those. The forecast period applied in the model covered 5 years, with a residual value determined for the period beyond. Key estimates in this model included:

         • The weighted average cost of capital (WACC), set at 15%, which accounts for the risk-free market rate, risk premia, specific business risks, as well as the structure and cost of financing;

         • Income growth throughout the forecast period, estimated at an average of 13% for the first year and between 63% and 11% for the subsequent years (with a compound annual growth rate [CAGR] of approximately 33%). Each income forecast contributing to the average expected income took into account key assumptions, particularly the market potential and available manufacturing capacity. The probability of materialisation of the different cash flow forecasts was set in accordance with a normal distribution;

         • The EBITDA margin during the forecast period did not exceed 31% (with an average EBITDA margin of 11%). The investment outlays and operating costs reflected the levels of operational activity assumed in the income scenarios;

         • A growth rate of 2.5% was applied for the residual period, representing a standard rate typically adopted for such forecasts.

      2. Income recognition estimates and classification of inventories under CDMO agreements

         Income from contractual manufacturing services relating to active substances of medicinal products was recognised by the Company over time based on the progress of the service. The Company has selected the progress measurement method as in its opinion it best represents the entity's performance in providing the service.

         The input-based method of measuring progress reflects the Company's performance to date in relation to the complete fulfilment of the performance obligation. Under the input-based method, the Company has excluded the effects of any inputs that, in accordance with the objective of measuring progress, do not reflect the Company's results in transferring control of the

         goods or services to the customer. The progress measure adjustment was taken into account in the agreement value estimation model with the assumption that the cost incurred is not commensurate with the entity's progress in fulfilling its performance obligation.

         The Company has analysed whether in case of early termination for reasons other than non-performance it is entitled to receive a payment that at least compensates the Company for the performance to date.

         Following the input-based method, raw materials purchased by the Company were recognised in the profit and loss account immediately upon purchase rather than when actually used in production. Consequently, the Company did not recognise purchases of raw materials acquired for the purpose of contract manufacturing in the balance-sheet under inventories. As regards the cost of raw material used, income from materials purchase is recognised up to the cost of such raw materials if all of the following criteria are met, i.e.:

         • the raw material is not separate (i.e. a material service is needed for integration of the raw material with the manufacturing service provided by the Company);

         • The contracting party acquires control of raw materials well in advance of receiving services related to the raw materials;

         • the cost of the raw material transferred is significant in relation to the total expected cost of complete fulfilment of the performance obligation;

         • The Company procures the raw material from a third party and is not significantly involved in the design and manufacture of the raw material.

           Raw materials purchased by the Company for the purposes of contract manufacturing were immediately recognised in the profit and loss account as cost of sales because:

         • the raw materials had no alternative use (i.e. the Company did not have the right to use the raw materials for purposes other than contract manufacturing, and other circumstances also indicated that control over the raw materials is transferred to the Contracting Party by the Company),

         • contract manufacturing of an active substance met the criteria for income recognition over time, thus costs incurred in relation to the fulfilment of the Company's performance obligation were recognised in the profit and loss account when incurred, including the raw material purchased specifically for the purpose of the agreement.

           In the statement of financial position as at 31 March 2025, the Company did not capitalise the expenditure on the purchase of raw materials, but recognised this expenditure as a cost of meeting the performance obligation, due to the nature of the purchase and the nature of the agreement referred to above.

           Income recognised using the input-based method reflects:

         • the profit margin earned by the Company from the onset of manufacturing in line with the agreement in force and the incurring of manufacturing costs other than just the use of raw materials,

         • or activities conducted to confirm the effectiveness of the transfer of technology.

         • the profit margin realised from the management of materials and raw materials (logistics service).

      3. Deferred tax assets relating to income tax relief

         The Company has built a fully-equipped Scientific-Industrial Complex in the Łódź Special Economic Zone (LSEZ). Pursuant to the Act on Special Economic Zones, business activities carried out within a special economic zone under a permit are exempt from corporate income tax up to the limit resulting from the available public aid and incurred eligible costs. The basis for the exemption is the amount of incurred eligible costs, which may not exceed the maximum value specified in the permit granted by the SEZ Board. Mabion is entitled to the exemption until

         31 December 2026, the last year of operation of the LSEZ under applicable law. To retain the right to the exemption, the Company had to meet the investment sustainability criterion and the employment volume criterion until 31 December 2021. The investments covered by the permits issued in 2010 and 2012 were completed, and the Company's fulfilment of the conditions entitling it to the tax relief was positively verified during audits conducted by the LSEZ.

         Deferred income tax assets for operations in the Special Economic Zone are recognised at initial value in the amount of the expected consumption of the public assistance pool, which is reduced by the relief utilised in the tax year. In the statement of comprehensive income as at the balance-sheet date, the Company did not recognise any deferred income tax assets due to insufficient probability of generating taxable income in the next financial year after the date of the financial statements.

         The Company has historically realised significant negative temporary differences, resulting mainly from ongoing research and development work that will reduce the income tax base in the future.

         Apart from 2024, the Company has generated deductible tax losses from non-zone activities in the last 5 years.

      4. Depreciation of property, plant and equipment

         Depreciation rates are based on the expected useful life of property, plant and equipment. Every year the Company verifies the adopted useful lives based on current estimates. Useful lives are determined with reference to the estimated periods during which the Company intends to derive future economic benefits from the use of the relevant assets. If any, the Company also takes into account past experience with similar assets as well as anticipated future events that may affect the useful life of assets, such as changes in technology.

      5. Accounting of costs of research and development work

         The Company does not recognise any intangible asset arising from research work (or as a result of the research phase of an in-house project). Expenditure on research (or on the research phase of an in-house project) is recognised as costs as it is incurred. The Company does not meet the criteria for capitalisation of incurred expenses and therefore development outlays, as well as research expenditure, are recognised as an expense in profit or loss the moment they are incurred.

      6. Share-based payments

         Payments in the form of shares in exchange for services rendered by the Company's employees are measured by estimating the value of the equity instruments granted to eligible individuals. This approach arises from the inability to directly determine the fair value of the services provided by employees in return for the granted equity instruments. There exists a hierarchical approach to determining the value of equity instruments: a) valuation by reference to the prices of financial instruments identical to those being measured; b) valuation by reference to the prices of financial instruments similar to those being measured; c) the use of valuation models. When making estimates of the value of equity instruments, the Company applies one of the most commonly used valuation model groups, based on projections concerning the development of parameters reflected by the capital market as at the measurement date. This assumption allows for the most reliable estimate of fair value. It is important to emphasise that volatility is an inherent feature of financial markets, particularly equity markets and the market for derivative instruments. This means that if the valuation were performed on a date other than the valuation date and/or based on different assumptions regarding valuation parameters, the outcome of the valuation could vary significantly. The final cost incurred by the Company depends not only on financial markets, but also on the decisions made by participants in the share-based payment scheme. In particular, the actual timing and method of exercising the option rights depend on the individual decisions of eligible participants made during the exercisability period of the granted rights.

5. Impact of new and amended standards and interpretations on the Company's financial statements

   The following standards and interpretations have been issued by the International Accounting Standards Board or the International Financial Reporting Interpretation Committee, but are not yet effective:

   • IFRS 18 Presentation and Disclosure in Financial Statements (issued on 9 April 2024) - not endorsed by the EU until the date of approval of these financial statements - effective for annual periods beginning on or after 1 January 2027.

   • IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 09 May 2024) - not endorsed by the EU until the date of approval of these financial statements - effective for annual periods beginning on or after 1 January 2027.

   • Amendments to IFRS 9 "Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures" (issued on 30 May 2024) - not yet endorsed by the EU as at the date of approval of these financial statements - effective for annual periods beginning on or after 1 January 2026.

   • Amendments to IFRS 9 and IFRS 7 concerning contracts for the supply of electricity from renewable energy sources (RES) - not endorsed by the EU as at the date of approval of these financial statements - effective for annual periods beginning on or after 1 January 2026.

   • Annual Improvements to IFRS - Volume 11 (issued on 18 July 2024) - amendments that clarify existing requirements without introducing new ones - applicable to annual periods beginning on or after 1 January 2026, with earlier application permitted.

   • IFRS 14 "Regulatory Deferral Accounts" - This standard allows entities that draw up financial statements in accordance with IFRSs for the first time (on or after 1 January 2016) to recognise amounts arising from regulated price activities in accordance with their existing accounting policies. For the sake of comparability with entities that already apply IFRSs and do not report such amounts, amounts arising from regulated price activities should, in accordance with published IFRS 14, be presented in a separate item both in the statement of financial position as well as in the profit and loss account and the statement of other comprehensive income.

   • Amendments to IFRS 10 and IAS 28 on the sale or contribution of assets between an investor and its associates or joint ventures - The amendments resolve the existing inconsistency between IFRS 10 and IAS 28. The accounting treatment depends on whether the non-monetary assets sold or contributed to an associate or joint venture constitute a "business". Where non-monetary assets constitute a "business", the investor reports a full profit or loss on the transaction. Conversely, if the assets do not satisfy the definition of business, the investor recognises a profit or loss only to the extent of the portion representing the interests of other investors. The amendments were published on

     11 September 2014.

   • Agreements relating to electricity dependent on natural factors: Amendments to IFRS 9 and IFRS 7 - In December 2024, the Board issued amendments to help companies better reflect the financial effects of contracts relating to electricity dependent on natural factors, which are often structured as power purchase agreements (PPAs). Existing guidance may not fully capture the impact of such agreements on a company's performance. To allow companies to more appropriately reflect these agreements in their financial statements, the Board introduced amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. These amendments

   include: a) clarification of the application of the "own use" criterion; b) allowing hedge accounting when such contracts are used as hedging instruments; c) the addition of new disclosure requirements to enable stakeholders to understand the effects of these contracts on financial performance and cash flows.

   The effective dates result from the content of the standards announced by the International Financial Reporting Council. The application dates of the standards in the European Union may differ from the application dates resulting from the content of the standards and are announced at the time of endorsement for application by the European Union.

   Amendments to IFRS 7 Financial Instruments: Disclosures (effective from 1 January 2024) - endorsed on 15 May 2024 -these amendments introduced disclosure requirements regarding supplier finance arrangements.

   Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates (effective from 1 January 2025) - endorsed on 12 November 2024 - the amendments clarify when a currency is exchangeable into another currency and, where a currency is not exchangeable, how an entity determines the exchange rate to apply and what information must be disclosed in such cases.

   Amendments to IAS 1 Presentation of Financial Statements (effective as of 1 January 2024) - endorsed on 19 December 2023 - the amendments clarify the principles an entity must follow when classifying debt and other liabilities with uncertain settlement dates as either current or non-current.

   Amendments to IFRS 16 Leases (effective as of 1 January 2024) -endorsed on 20 November 2023 - the amendments specify how an enterprise should recognise, measure, present, and disclose lease information (lease liabilities in a sale and leaseback transactions).

   The revised standards and interpretations which apply for the first time in 2025, have no material impact on these financial statements of the Company.

6. Operating segments

   In the period covered by these financial statements, the Company conducted its business activities only in Poland. All assets of the Company are located in Poland. The results of operations are analysed by the Management Board, which is also the main body responsible for operational decision-making, at the Company level, and therefore no more than one operating segment has been defined.

7. Seasonal nature of the Company's operations

   The Company's business is not seasonal or cyclical. The business and its intensity depend on the contracts or orders for CDMO services received and performed by the Company.

8. Income and cost of sales

   01.01.2025		01.01.2024
   in PLN thousand	- 31.03.2025	- 31.03.2024
   	(not audited)	(not audited)
   Income under agreements with clients, including	2,716	33,974
   Income from manufacturing and services	2,502	32,222
   Income from settling the purchase of materials	214	859
   Lease income	-	893
   Cost of sales	(8,306)	(6,665)
   Own cost of purchased materials	(214)	(883)
   Gross profit on sales	(5,804)	26,426

   Income from agreements with customers is recognised by the Company at the amount of consideration expected in return for the performance of the promised scope of services or the delivery of specified goods.

   In the reporting period, the Company generated income from services provided to Novavax in the following areas:

   • peptide mapping analyses for the drug substance (DS) as well as the drug product (DP) of rS SARS-CoV-2 protein samples of Novavax products under SOW#9 signed in 2022,

   • analytical work related to development, transfer, and validation/verification of analytical methods for the drug substance (DS) and drug product (DP) of SARS-CoV-2 rS protein samples for Novavax's product variants, as well as testing of DS and DP samples as part of contract-based sample analytics in the Quality Control (QC) area.

     Income from a contract with a counterparty from the United Kingdom

     On 16 August 2024, the Company entered into three work orders with a UK-based immunotherapy company for the performance of specified services.

     The implementation of the contractual works commenced in September 2024, with completion scheduled for Q2 2025.The value of the services contracted under the current SOWs amounts to approximately PLN 5.5 million (with payments denominated in USD). During the reporting period, payments were made on a monthly basis. The stated value excludes the cost of raw materials and consumables, which are accounted for separately.

     Income from this agreement was accounted for over time, using the input-based method, which in the Company's opinion reflected in the best way the entity's results in fulfilling the identified performance obligation.

     The contract manufacturing service is carried out using a general process rendered available by the contracting party, then developed and adjusted on the contracting party's commission, which due to binding contractual provisions and issues related to intellectual property rights is also the only entity entitled to receive the manufactured batches of the active substance. The performance rendered by the Company created an asset with no alternative use and the Company was entitled to remuneration at each stage of the performance. Therefore, the conditions for recognising income from the performance of this agreement over time were considered to be met.

     To settle the CDMO agreement, the Company recognised income using the progress measurement method based on inputs, which in the Company's opinion reflected in the best way the entity's results in fulfilling the identified performance obligation. The amount of remuneration allocated to this performance obligation was recognised as income in line with the performance stage in

     terms of cost. The income was based solely on the costs directly related to the performance of the obligation and did not include overhead costs, possible inefficiencies, excessive consumption, etc. Since the manufacturing cycle and the level of costs incurred (in particular if one of the cost items are material goods purchased from third parties for the purpose of implementing an agreement) for the performance of contractual obligations are not necessarily proportional to the level of fulfilment of the obligation, when costs are incurred that are not yet accompanied by the fulfilment of the performance obligation, income is only recognised to the extent of the costs incurred.

     Income from settling the purchase of materials included the value of raw materials purchased by the Company and used for the implementation of the CDMO agreement and was recognised in the profit and loss account at the time of purchase, and not at the time of actual use in production, as the raw materials had no alternative use (i.e. the raw materials are specifically identifiable and the Company does not have the right to use the raw materials for purposes other than contract manufacturing, and other circumstances also indicate that control over the raw materials is transferred to the contracting party by the Company upon purchase). Consequently, the Company did not recognise purchases of raw materials acquired for the purpose of contract manufacturing in the balance-sheet under inventories.

     Recognition and presentation of cost of sales

     In the reporting period, the Company recognised and presented cost of sales on an aggregated level, reflecting the costs necessary to maintain manufacturing capabilities and provide CDMO services. Given the insufficient utilisation of production capacity for the provision of CDMO services, this resulted in a negative sales margin. Given the above, in cases of downtime or the absence of active service contracts, significant fluctuations in profitability at the sales level should be expected. These do not reflect the actual individual profitability of the different projects.

     Within the costs included in the cost of sales recognised during the period, the Company accounted for the following incurred costs:

   • employee remunerations and benefits for operational and quality areas,

   • depreciation of equipment,

   • consumption of materials (controlled by the Company) and energy,

   • outsourced services,

   • bonuses related to contract acquisition

   directly related to the implementation of contracts or maintaining readiness to deliver services. The following Note presents the costs by nature for comparable periods, with a reconciliation to the costs classified by function.

9. Costs by type

   The table below shows the categories of generic costs in the period ended 31 March 2025 and the comparable period:

   (not audited)

   in PLN thousand 01.01.2025 - 31.03.2025

   01.01.2024 - 31.03.2024

   (not audited)

   Depreciation and amortisation	2,405	1,962
   Consumption of materials and energy, utilities	1,809	1,801
   Own cost of purchased materials	214	883
   Outsourced services, including:	2,888	3,930
   waste removal and disposal	107	108
   repair services	607	843
   renovation services	-	58
   analytical services	20	-
   research services	-	1
   advisory services and audit costs	295	503
   legal services	21	78
   telecommunications and IT services	1,072	984
   recruitment costs	56	173
   marketing, sales and business development costs	369	275
   services for the acquisition of new distribution partners	-	106
   logistics services	9	303
   protection of property	80	95
   laundry services	161	167
   other	92	233
   Drug registration costs	1	57
   Taxes and charges	226	222
   Remuneration costs	7,493	9,060
   Employee benefits	1,603	1,974
   Other costs	234	173
   Total costs by type	16,872	20,062
   Cost of sales	8,306	6,665
   Own cost of purchased materials	214	883
   Research and development costs	38	490
   General administration costs	8,314	12,024
   Total costs by function	16,872	20,062

   The increase in depreciation costs results from the capitalisation of assets acquired during the process of equipping the facility with additional devices (including chromatography equipment, additional bioreactors, and the Select Optofluidic System).

   The significant decrease in staff costs is attributable to the conclusion, in May 2024, of the amortisation period for expenses related to bonuses paid to the Company's employees for

   securing the Novavax contract, as well as a revised estimate of bonus-related provisions and a reduction in staffing levels.

   The decrease in external services costs is primarily due to a reduction in consultancy and audit fees, mainly as a result of lower remuneration for financial statement audit services and decreased servicing costs, stemming from changes to the schedule of equipment servicing and qualification activities.

10. Research and development costs

    (not audited)

    in PLN thousand 01.01.2025 - 31.03.2025

    01.01.2024 - 31.03.2024

    (not audited)

    MabionCD20	2	340
    Other projects	36	150
    Total research and development costs	38	490

    Following the adoption of the Company's Strategy for 2023-2027 in April 2023 and its updated after the balance-sheet date, work on and development expenditure for MabionCD20 has been reduced to the minimum necessary to preserve the project's potential.

11. Other operating income and costs

    (not audited)

    in PLN thousand 01.01.2025 - 31.03.2025

    01.01.2024 - 31.03.2024

    (not audited)

    Profit on liquidation of fixed assets	-	44
    Grants	56	56
    Value of current assets received free of charge	13	-
    Other	39	17
    Total other operating income	107	116
    Loss on sales of fixed assets	28	-
    Revaluation write-downs of current assets	-	455
    Damages	9	36
    Other	1	-
    Total other operating expenses	38	491

    Income from grants relates in particular to a portion of grants received in previous years for the purchase of fixed assets under projects co-financed by EU funds, amounting to PLN 56 thousand in Q1 2025 (an equivalent amount of income was recognised in Q4 2024). This amount was recognised in the financial result over respective periods in proportion to the depreciation of assets financed through the grant.

    The revaluation write-down on inventories relates to those materials held in stock which, in the opinion of the Company's management, are not expected to be utilised in the foreseeable future or have an expiry date falling within 12 months from the balance-sheet date.

12. Financial income and costs

    (not audited)

    in PLN thousand 01.01.2025 - 31.03.2025

    01.01.2024 - 31.03.2024

    (not audited)

    Interest income	228	274
    Positive exchange rate differences	-	5,181
    Other	141	-
    Total financial income	369	5,455
    Interest costs, including:	225	1,369
    on loans and borrowings	8	1,185
    on lease liabilities	217	184
    Negative net exchange rate differences	1,313	-
    Other financial costs	-	83
    Total financial costs	1,538	1,452

    Interest income in 2025 and 2024 arises from accrued interest on cash held in bank deposits. Finance costs consist mainly of exchange rate losses and interest on lease liabilities.

13. Property, plant and equipment and intangible assets

    In the current reporting period, the Company incurred expenditures on property, plant and equipment and intangible assets (including those not put to use) in the amount of PLN 821 thousand. No indications of impairment of property, plant and equipment as at 31 March 2025 were identified during the reporting period. In April 2025, the Company carried out impairment tests on tangible assets, determining their value in use by applying the discounted cash flow method (DCF), based on the Gordon growth model.

    Based on the best available knowledge, including the Management Board's approved financial plan, which excluded any estimated cash inflows or outflows of a non-recurring or extraordinary nature or those arising from an improvement in the performance of an asset, the projected discounted cash flows were assessed, and no impairment of the assets presented in the Company's balance sheet was identified.

    Furthermore, the Company conducted an impairment review of fixed assets and intangible assets of Mabion S.A. (Company) as of the balance-sheet date of 31 March 2025, verifying all indicators in accordance with applicable standards. The actual situation, taking into account the guidelines of IAS 36 and IFRS 5, confirms that in the opinion of the Management Board of the Company there are no grounds for recognising impairment of fixed assets and intangible assets.

    If the assumptions made do not materialise and, as a result, sufficient economic benefits are not generated from the fixed assets, their value may need a remeasurement.

14. Inventories

    The inventory balance comprises materials and amounted to PLN 2,629 thousand as at 31 March 2025 (as at 31 December

    2024: PLN 2,488 thousand).

    Using the input-based method for recognising income from contracts with counterparties receiving CDMO services, raw materials purchased by the Company for the purposes of these contracts have been recognised in the profit and loss account upon purchase rather than when they are actually used in production due to the fact that these raw materials have no alternative use.

    Raw materials are specifically identified, and the agreement with a counterparty from the United Kingdom, effective as at the balance-sheet date, does not allow the Company to use these raw materials for purposes other than the implementation of the contract manufacturing agreement.

    Consequently, the Company does not recognise raw materials purchased for CDMO contracts as inventories, but - in the presented reporting period - the Company recognises purchased raw materials as cost of sales in the profit and loss account with income recognised at an amount equal to the raw material acquisition cost.

    Under an agreement with the UK counterparty, the Company provides logistics services consisting of comprehensive handling of the raw material procurement process. The margin on this service is recognised together with the margin on basic services in accordance with the methodology described in Note 8.

15. Trade and other receivables

Trade receivables are amounts due from clients for goods sold or services provided in the ordinary course of the Company's business. Usually, they fall due within 30 days. Trade receivables are recognised initially at the amount of unconditional payment to be made. The Company recognises trade receivables to realise the cash flows arising from its agreements with clients and then measures them at amortised cost using the effective interest rate method.

Trade receivables not covered by revaluation write-downs occurring as at 31 March 2025 are largely not due as at the date of these statements. Therefore, and based on historical data regarding repayment of receivables by counterparties, the Company has not made any additional write-off for expected credit losses apart from the identified revaluation write-downs.

Licence costs include periodic fees for access to the LIMS computerised system.

Trade fair participation costs include, among other items, fees for exhibition space at the CDMO Live trade fair in May 2025 in Rotterdam, the BIO International Convention to be held in June 2025 in Boston, the Festival of Biologics in September 2025 in Basel, and the European Biomanufacturing Summit in October 2025 in Düsseldorf.

1. Capital management and equity
   1. Capital management

      The objective of the Company's capital management is to ensure its ability to continue as a going concern in order to generate a return on capital for shareholders, and to maintain an optimal capital structure to streamline the cost of capital.

      The Company is subject to the legal requirement on capital under the Commercial Companies Code (CCC) under which the Company is required to establish a supplementary capital to cover net losses, in the amount of at least 8% of the profit for a specific financial year on this capital, until the supplementary capital reaches a volume equal to at least one third of the share capital. In previous reporting periods (with the exception of the years 2021, 2022, and 2023), the Company either incurred losses or allocated generated profits to the supplementary capital and to covering losses from prior years. Nevertheless, the requirement to establish a supplementary capital equivalent to at least one-third of the share capital has not been met.

      By resolution of 26 May 2025, the Ordinary General Meeting resolved to cover the net loss for 2024 using profits from future years.

   2. Share-based payments

General assumptions

Pursuant to Resolution No. 1/VII/2024 of the Ordinary General Meeting of the Company of 15 July 2024, the Company's Ordinary General Meeting decided to implement an incentive scheme for persons of key importance to the Company. The Scheme will be implemented over five financial years (2025-2029). The objective of the Scheme will be to ensure optimal conditions for the growth of the Company's financial results and long-term growth of the Company's value through continuous association of the persons participating in the Scheme with the Company and its objectives.

The Scheme will be implemented through the issue and allocation to Eligible Persons of no more than 1,010,145 subscription warrants entitling them to take up shares issued as part of a conditional increase in the Company's share capital (1 warrant entitles the holder to take up 1 share at an issue price of PLN 0.10). A maximum of 75% of the warrants shall be allocated to the Management Board Members, while the remaining Participants may receive up to the remaining 25%.

The taking-up and the exercise of rights attached to the Warrants will be conditional upon confirmation that the Eligible Persons have met the Financial Criterion specified in accordance with the

provisions of the Resolution. In addition, the Resolution requires that the Service Condition is also fulfilled. In the case of the Management Board Members, Warrants may only be granted in respect of a financial year during which the relevant individual served as a Management Board Member for the entire financial year and remained in office as at the last day of that financial year. For the remaining Participants who became employees or associates of the Company during the financial year in which the Incentive Scheme is in effect, and provided that the Financial Criterion is met, Warrants will be allocated on a pro rata basis in proportion to the period of employment or engagement with the Company in that financial year.

The list of Scheme Participants and the maximum number of Warrants that may be granted to each Participant in a given financial year will be determined by the Supervisory Board by way of a resolution within 30 days from the beginning of the respective financial year. Participants who are not Management Board Members will be recommended by the Management Board by way of a resolution. Should the Supervisory Board fail to determine the list of Participants within the specified 30-day period, the Management Board Members may be granted no more than 15% of the total pool of Warrants, to be distributed equally among them.

In the event of a Change of Control - defined as the date on which the shareholding of a single shareholder or a group of shareholders acting in concert exceeds 50% of the total number of votes at the General Meeting of the Company, or the date on which the General Meeting adopts a resolution to delist the Company's shares from trading on the regulated market operated by the Warsaw Stock Exchange - Eligible Persons will acquire the right to take up all Warrants not previously granted on the date of the Change of Control.

Scheme for 2025

On 20 December 2024, the Company's Supervisory Board, by Resolution No. 3/XII/2024, set the financial criteria under the Incentive Scheme for the year 2025. On 30 January 2025, the Supervisory Board adopted Resolution No. 3/I/2025 establishing the preliminary list of Eligible Persons for participation in the Incentive Scheme for 2025. The total number of Warrants that may be granted in respect of 2025 has been set at 113,640.

The Company intends to settle the Scheme in equity instruments. It measured the fair value of the 113,640 warrants for 2025 as at the vesting date, i.e. 30 January 2025, which is the date on which the preliminary list of Eligible Persons was determined. As at each balance-sheet date until vesting, the expected number of options to which Eligible Persons will be vested will be updated. The costs of the Scheme will be settled proportionally from 1 January to 31 December 2025.

The table below shows the details of the Scheme and its valuation as at 31 March 2025:

Tranche for year 2025

Grant date 30 January 2025

Vesting period 1 January - 31 December 2025

Number of instruments granted 113,640

Exercise Price PLN 0.10

Share price as at 31 March 2025. PLN 10.02

Non-market vesting condition

Remaining in an employment relationship with the Company and providing work or services to the Company, as well as meeting the Financial Criterion

Settlement Shares

Expected volatility (based on the historic volatility

of the Company's share prices in 24 months preceding the Valuation Date)

41.06%

First possible exercise date 13 August 2025

Last possible exercise date 15 July 2034

Risk-free rate 5.20%

Dividend rate 0%

Departure probability 0.00% per annum

Warrant's fair value Valuation Date 30 January 2025 Warrant's fair value as at the Valuation Date PLN 9.30

Scheme value (fair value of one warrant x quantity of warrants) PLN 1,056,568.30 Valuation model Black-Scholes-Merton model

In the past, the Company financed part of its operations with grants from the European Regional Development Fund managed by the following government institutions in Poland: the Regional Development Agency of Łódź (ŁARR), the Polish Agency for Enterprise Development (PARP), the National Centre for Research and Development (NCBiR), and the Ministry of Development Funds and Regional Policy.

As part of the project entitled "Development and scaling of the innovative process for manufacturing the therapeutic recombined monoclonal antibody to enable the industrial implementation of the first Polish biotechnological medicine for

oncological and autoimmune therapies", the Company was granted co-financing of PLN 24,897 thousand. In May 2022, the project entered a three-year sustainability period. The Company was required to achieve, by the end of the project's sustainability period (May 2025), the assumed result indicator, i.e. to implement the results of the R&D work completed as part of the project into its own activities (commercial manufacturing of MabionCD20) and to obtain income from the implemented R&D work (income from the sales of the medicine). Because of a number of force majeure factors, the Company has identified risks in meeting the above-mentioned indicators and immediately started a dialogue with the NCBR. The Intermediate Body agreed to the change of

the way of implementation from the use of the R&D results in the company's own business activity through the commencement of production or provision of services based on the results to the granting of a licence (at market conditions) for the use of the company's rights to the R&D results by another entrepreneur.

This was a solution in which the Company saw an opportunity to fulfil the implementation indicator of the project results and to generate income from the commercialisation of R&D work. On 11 May 2025 (an event after the balance-sheet date), the sustainability period of the Project ended, and the Company commenced preparations for the submission of the implementation report.The Company achieved the objectives, as well as the substantive and qualitative assumptions of the co-financing application (conducting development work enabling the industrial-scale production of the biotechnological medicine MabionCD20 - a biosimilar to the reference medicine MabThera), having completed all development activities set out in the application.The Company also actively pursued efforts to identify and secure a licensee; however, despite these activities, no licensee was acquired during the Project's sustainability period. Additionally, in 2024, the employment indicator was achieved at a level lower than that originally planned in the Project (this being one of the result indicators that the Company was obliged to maintain during the sustainability period). Following submission of the implementation report, the Company will await the decision of the National Centre for Research and Development (NCBiR) regarding its assessment of the Company's justification for the circumstances affecting the fulfilment of the Project's conditions. Should the NCBiR reject the implementation report, the Company may be required to repay part or all of the funding received, together with applicable interest. Any decisions regarding the repayment of funding due to partial or complete failure to achieve the result indicators are considered by the NCBiR on a

case-by-case basis, taking into account the measures taken by the beneficiary to mitigate the identified and reported risks.

The Company is also a party to a co-financing agreement for the project entitled "Development of an analytical methods panel to characterise immunogenicity in a clinical trial targeting rheumatoid arthritis patients using rituximab as a therapeutic substance". The main objective of the project was to boost R&D activity through the development and implementation of a new Company-wide panel of analytical methods. As a result of the project, an innovative solution in the form of a product was implemented,

i.e. a commercial service consisting in running a panel of analytical methods for assessing the immunogenicity of biological products in clinical trials. The project was due to be completed by 31 December 2023, but due to the fact that the project was no longer profitable as planned, the Company decided to terminate the project earlier by the end of March 2023. The institution agreed to shorten the project implementation period and approved the final payment application, which it settled in December 2024 (PLN 45 thousand). The final amount of funding received under the project was

PLN 918 thousand. With the end of December 2024, the project entered a three-year sustainability phase. As at the date of approval of these statements, the Company does not see any risk in maintaining the result indicator over the sustainability period.

The amount of income remaining to be recognised in future periods as at 31 March 2025 was PLN 30 thousand. In this item, the Company recognised, inter alia, a freezer received free of charge in previous periods, worth PLN 78 thousand. The income will be recognised concurrently with the depreciation of the freezer.

1. Liabilities under contracts with clients

   in PLN thousand 31 March 2025 (not audited) 31 December 2024

   Liabilities arising from the implementation of agreements 910 1,495

   Total 910 1,495

   Liabilities under agreements with clients include payments received from the counterparty from the United Kingdom related to the performance of three orders for specific work. The implementation of the contractual works commenced in September 2024, with completion scheduled for Q2 2025. The value of the services contracted under the current SOWs amounts to approximately PLN 5.5 million. Payments are to be made on a monthly basis over a period of ten consecutive months. The stated value excludes the cost of raw materials and consumables, which are

   accounted for separately. Income from the foregoing payments is recognised by the Company over time, over the period of implementation of the agreement. The raw materials purchased for the purposes of the agreement represent the agreement cost at the time of purchase. In line with the accounting policy presented in these statements (Note 4), these raw materials, upon purchase by Mabion, are recognised as cost of sales and, at the same time, income is recognised in an amount equal to the acquisition cost of the raw material.

2. Repayable advances on distribution rights

   The table below shows a list of all signed cooperation agreements, together with the amounts of advances received under these agreements and the target markets covered by each agreement:

   Partner Market 31 March 2025 (not audited) 31 December 2024

   Ukraine, Armenia, Azerbaijan, Belarus,

   FARMAK	Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Uzbekistan	1,046	1,068
   ONKO	Türkiye	460	470
   Sothema Laboratories	Morocco, Algeria, Tunisia	96	98
   Lyfis	Iceland	25	26
   Total		1,627	1,662

   Advances received by the Company are repayable in the case of an event beyond the Company's control (i.e. failure to complete clinical trials conducted as part of development work and/or failure to issue a marketing authorisation for a specific market by a regulatory body), and have therefore been classified as financial liabilities. Since the moment of occurrence or non-occurrence of the above mentioned event is also beyond the Company's control, the liability is measured at the amount payable on demand and classified under short-term liabilities. At the date of these financial statements, in accordance with the agreements in force, the advances disclosed has not become due.

   The changes in the value of repayable advances on distribution rights in the period of 3 months ended 31 March 2025 result from changes in exchange rates as all the advances were denominated in EUR.

   In accordance with the information provided in the financial statements of the Company for the financial year ended 31 December 2024, such advance payments may be repayable and are treated by the Company as current liabilities. In the period covered by these financial statements, there were no material changes to the terms and conditions of agreements with distribution partners.

3. Loans and borrowings

   The structure of loans and borrowings is presented in the table below:

   in PLN thousand 31 March 2025 (not audited) 31 December 2024

   Loans secured on assets	531	225
   Total loans and borrowings	531	225

   1. Bank loans

      As at 31 March 2025 and as at the date of publication of these statements, the Company is not a party to any bank loan agreement.

      21.2 Borrowings secured on assets

      The Company is a party to leaseback agreements to finance the purchase of laboratory and manufacturing equipment, which are treated as loans due to the fact that the purchases of equipment financed in this way was first fully paid for by the Company, and the lease agreements contain irrevocable offers to buy back the equipment being the subject of the agreement at the end of the lease period. These agreements have been concluded for 4 to 5

      years and are secured with blank promissory notes. The lessor has the right to fill in a promissory note up to the amount equivalent to all due but unpaid receivables to which the lessor is entitled under a given lease agreement, in particular receivables from lease payments, damages, contractual penalties or reimbursement of costs, including due interest, in case the Company fails to pay any of these receivables on the due date.

      In Q1 2025, the Company entered into a secured loan agreement with mLeasing Sp. z o.o. for an amount of PLN 349 thousand for a period of 5 years. The loan was intended to finance the purchase of production equipment (a chromatography system used for protein purification). The loan is secured by a registered pledge established on the financed fixed asset.

      As at 31 March 2025, the total value of outstanding loans secured on assets was PLN 531 thousand.

4. Leases

The Company is a user of cars and laboratory equipment under lease agreements.

On 17 December 2019, the Company entered into a lease agreement for office space in Łódź for the years 2020-2023 and recognised the related lease as at 31 December 2020. In August 2022, the Company signed an annex to the aforementioned lease agreement, extending its term until the end of 2027.

The lease agreements concluded by the Company provide for a 3 to 5-year lease period. They are secured by blank promissory notes. The lessor has the right to fill in a promissory note up to the amount equivalent to all due but unpaid receivables to which the lessor is entitled under a given leasing agreement, in particular receivables under lease payments, compensations, contractual penalties or reimbursement of costs, including due interest, in the event that the Company fails to pay any of these receivables on the due date.

Changes in the interest rate taken into account in the calculation of the lease instalment amount result in changes in the amount of lease instalments. All lease agreements include an option to purchase the leased item after the end of the lease period.

During the reporting period covered by these financial statement, the Company did not enter into any new lease agreements. As at 31 March 2025, the Company recognised a lease liability in the amount of PLN 569 thousand, related to the indexation of rates provided for in the lease agreement for the building located at 17 Fabryczna Street in Łódź.

Depreciation of leased fixed assets in the reporting period amounted to PLN 407 thousand, and lease interest amounted to PLN 217 thousand.

The total gross carrying amount of leased items as at 31 March 2025 totals PLN 9,493 thousand.

The table below presents information on the amount of future minimum lease payments and the current value of minimum lease payments as at 31 March 2025 and 31 December 2024:

in PLN thousand 31 March 2025 (not audited) 31 December 2024 Minimum lease payments

The fair value of trade and other liabilities is recognised as equal to their carrying amount due to their short-term nature.

The Management Board of Mabion S.A., by Resolution No. 6/XII/2024 of 19 December 2024, decided that in 2025, the Company will not establish a Company Social Benefits Fund.

1. Accrued costs

   in PLN thousand	31 March 2025 (not audited)	31 December 2024
   Provision for unused leave	1,358	1,008
   Provision for bonuses	1,199	357
   Other provisions	393	245
   Total accrued costs	2,950	1,610

   The Company has established a provision for employee bonuses, taking into account the provisions of the Internal Regulations on Employee Bonuses, including in particular the date of vesting of bonus rights and assessing the probability of meeting the conditions for payment of bonuses as at the balance-sheet date. In view of the extension of the bonus eligibility period under the amended Internal Regulations on Employee Bonuses, the Company recognised a provision in the amount of the portion of the bonus allocated to costs in 2025.

2. Effective income tax rate

   As at 31 March 2025, the tax asset remained unchanged compared to the tax asset presented at the end of the previous reporting period. This was due to no significant changes in the assumptions made in relation to the amount estimated and recognised in the financial statements for the previous financial year.

3. Financial risk management

   As regards the type of financial risks to which the Company is exposed, the amount of exposure, and the management of these risks, there have been no significant changes since the last annual financial statements published on 24 April 2025.

   1. Liquidity risk

      During the period covered by these condensed interim financial statements, the Company generated cash inflows from the sales of services rendered under agreements in place. In addition, the ongoing operations were financed through loans and lease arrangements. As disclosed in Note 20 of the statements, in previous years the Company received a co-financing totalling PLN 24,897 thousand for the implementation of the project related to MabionCD20. In May 2025 (an event after the balance-sheet date), the project's sustainability period came to an end, and the Company began preparations for drawing up of the project implementation report. Although the Company actively pursued efforts to identify and secure a licensee, no such agreement was concluded during the project's sustainability period. Moreover, in 2024, the employment indicator was achieved at a level lower than that assumed in the project.

      Should the National Centre for Research and Development (NCBiR) not accept the justifications presented by the Company in the implementation report, the Company may be required by the NCBiR to return part or all of the funding received, together with applicable interest. This could result in the recognition of a

      liability in this respect, which would constitute a material event impacting the Company's liquidity position. Any decisions regarding the repayment of funding due to partial or complete failure to achieve the result indicators are considered by the NCBiR on a case-by-case basis, taking into account the measures taken by the beneficiary to mitigate the identified and reported risks.

      The Company's management monitors current forecasts for the Company's liquid assets and liabilities based on projected cash flows.

      The Management Board continues to actively pursue business development efforts aimed at securing additional contracts to maximise utilisation of the Company's manufacturing capacity. As at the date of signing these financial statements, the Company maintains a broad pipeline of potential projects and clients.

      Ongoing negotiations are in progress, and the Company expects these discussions to result in signed CDMO contracts in subsequent periods. However, based on the current forecasts of the Management Board, the proceeds from the implementation of already signed as well as potentially acquired contracts with new clients later this year are insufficient to maintain current liquidity for a one-year period as of the balance sheet date.

      Therefore, the Management Board has determined that in order to ensure an adequate level of financing for the Company's ongoing operations and further acquisition of production orders, a capital injection is necessary.

      At the same time, the risk related to Company's limited access to financing due to the lack of satisfactory collateral, in particular the lack of active CDMO contracts, or the general liquidity situation, cannot be ruled out. The present situation on the markets related to the supply and demand for CDMO services, as well as the warfare in Ukraine, and their impact on capital markets should be borne in mind, as this may also cause significant restrictions on sources of funding, including equity funding from share issues.

      Despite the Management Board's intensive market activities, there is substantial uncertainty as to whether a sufficient number of production orders can be secured and executed to provide the Company with the cash flows necessary to maintain liquidity beyond a four-month period after the balance-sheet date.

      Consequently, there is significant uncertainty that may cast serious doubt on the Company's ability to continue as a going concern, and the Company may be unable to derive benefits from its assets and discharge its liabilities in the normal course of business.

      The measures taken to cover the expected liquidity gap are described in Note 3 to the financial statements.

   2. Fair value of financial instruments presented at amortised cost

      The Company does not have any financial instruments measured at fair value. For the purpose of the disclosure of the fair values in relation to the financial instruments measured at amortized cost, the Company has used the method based on the discounted cash flow.

      The main items of financial instruments measured at amortized cost are: short-term bank borrowings, refundable prepayments for distribution rights and borrowings secured on assets.

      The Company's management assessed that the fair value of these items approximates or equals their carrying values.

4. Related party transactions

   There is no direct or ultimate controlling party in the Company.

   During the period covered by these financial statements, the Company did not enter into any transactions with related parties on terms other than arm's length terms.

5. Key management remuneration

   The remuneration of members of the key management staff of the Company and its Supervisory Board is presented below:

   In the item 'Remuneration of Management Board members', the Company presents remuneration under employment contracts, managerial contracts, as well as appointment.

   (not audited)

   in PLN thousand 1 January 2025 - 31 March 2025

   1 January 2024 - 31 March 2024 (not audited)

   Remuneration of Supervisory Board members	120	117
   Remuneration of Management Board members	600	740
   Provisions for bonuses	-	542
   Total short-term compensation	720	1,399

6. Off-balance sheet liabilities
   1. Contractual obligations

      As at 31 March 2025, there is a contractual obligation of the Company regarding the acquisition of property, plant and equipment, towards IMA S.p.A. with its registered office in Italy (IMA) arising from the fulfilment of certain conditions provided for in the agreement, pursuant to which IMA undertook to manufacture, for the Company, a packaging line. The value of the liability as at the balance-sheet date amounts to EUR 11 thousand.

      As at 31 March 2025, there is a contractual obligation of the Company regarding the acquisition of property, plant and equipment, towards Bonfiglioli Engineering Srl with its registered office in Italy, arising from the fulfilment of certain conditions provided for in the agreement, pursuant to which Bonfiglioli Engineering Srl undertakes to manufacture and supply to the Company a line for leakage control and optical inspection of direct packaging, together with associated documentation and services. Under the agreement, the Supplier will manufacture, supply and install, at the Company's registered office, a device for automatic leakage control of primary pharmaceutical packaging (vials containing finished, sterile medicinal product) and optical inspection of filled packaging and product inside the packaging, in line with the specifications defined in the agreement. The equipment incorporates a state-of-the-art measurement and control system and its design complies with GMP (Good Manufacturing Practice) requirements, and national and

      international standards. The net value of the Agreement is EUR 829 thousand. i.e. PLN 3,728 thousand at the average exchange rate of the National Bank of Poland as announced on 6 September 2023. The value of the contractual liability as at the balance-sheet date amounts to EUR 567 thousand. On 9 January 2025, Mabion concluded an annex to the agreement with Bonfiglioli Engineering srl ('Supplier'). Under the annex, the parties changed the parameters of the ordered equipment to increase its analysis capabilities in the additional 2R vial format. The net remuneration for the Supplier as resulting from the annex will increase by EUR 44 thousand.

      In December 2023, the Company entered into an agreement with LabVantage Solutions Inc., USA, to implement a LIMS (Laboratory Information Management System) at Mabion. The implementation of LIMS at Mabion will enable, among other things, the automation of laboratory processes and their strict control, and as a result will increase productivity and efficiency, as well as enable early identification of potential problems, reducing and minimising the risk of errors, which is expected and appreciated by CDMO clients. The agreement was executed as part of the implementation of the Strategy for 2023-2027. The LIMS implementation project at Mabion started in Q1 2024 and will span over several months. The estimated value of the agreement is EUR 1,230 thousand. thousand. The value of the liability as at the balance-sheet date amounts to EUR 397 thousand.

      The total contractual liabilities of the Company as at the balance-sheet date amounted to EUR 975 thousand.

   2. Contingent liabilities

      As at the balance-sheet date, the Company does not have any contingent liabilities which would be expected by the management to have a material adverse effect on the Company's financial position or operations and/or cash flow.

   3. Court litigation settlements

      The Company was not a party to any litigation, regulatory actions or arbitration which is expected by the Management to have a material adverse effect on the Company's financial position or operations and/or cash flow.

7. Events after the balance-sheet date

1. Signing of a Master Agreement and order with Instituto De Biologia Molecular Do Paraná - IBMP

   On 13 April 2025 (an event after the balance-sheet date), the Company entered into a Master Agreement with Instituto De Biologia Molecular Do Paraná - IBMP with its registered office in Brazil for the provision of services related to the development of the process and production of material for clinical trials (Master Development and Clinical Supply Services Agreement, 'Master Agreement').

   The master agreement is unconditional, and its subject matter is to define the general terms and conditions of cooperation between the parties and the rules for the Company to provide the Customer with services in the field of process development and scaling, including the manufacturing of a product for preclinical and clinical trials, the development and validation of analytical methods for process and product control, and the transfer of process technology to the Customer. The Company will provide the different services based on the orders placed by the Customer (Statement of Work (SOW)), in accordance with the scope and cost estimate specified therein. The master agreement has been signed for a period of 5 years and does not stipulate any minimum order value that the Customer is obliged to place. At the same time, it contains standard clauses regarding the possibility of termination. The Company's total liability will not exceed total fees paid by the Customer.

   The subject of the placed statement of work is the provision of services in the following fields: mobile phone network development, process development, product manufacturing for preclinical and clinical trials, development and validation of analytical methods, and preparation of necessary dossier. The Company will provide selected services in cooperation with subcontractors. The total net order value is approx. PLN 18.3 million (calculated at the USD exchange rate of 11 April 2025), of which approx. 20-25% will go to subcontractors. The payments, denominated in USD, will be made systematically over a period of 14 months, and the services are scheduled to begin in Q2 2025.

   Once the agreement was signed, the Company and the Customer started the preparatory work. Any activities related to the order can only commence once the Customer has entered into an

   agreement with a third party regarding the financing of the project and once a subcontractor has formally accepted the Company's offer to perform part of the ordered work. The company expects these conditions to materialise by the end of Q2 2025.

   Obtaining a new order from another client is a significant event and confirms the effectiveness of the Company's offering activities and the potential for its further development as a CDMO, in line with the Strategy for 2025-2030.

   The Company informed about the conclusion of the Master Agreement and the first order in Current Report no. 4/2025 of 14 April 2025.

2. Entering into a strategic cooperation agreement with Sartorius Stedim Cellca GmbH to jointly commercialise services

   On 13 April 2025, the Company entered into a strategic cooperation agreement with Sartorius Stedim Cellca GmbH with its registered office in Germany ('Sartorius') aimed at joint commercialisation of services and implementation of joint projects for prospective clients from the biopharmaceutical sector ('Cooperation Agreement').

   The main objective of the cooperation is to integrate the service offers of both entities, enabling prospective clients to benefit from greater synergy and a comprehensive solution combining Sartorius' services in the field of stable cell line derivation and development of cell culture processes at the laboratory scale with the Company's services in the area of product purification process development, process and product analytics, process and production scale-up to clinical trials and commercial business. Pursuant to the Cooperation Agreement, the joint implementation of projects will be beneficial mainly due to the complementary nature of the services offered by both entities, which will enable delivering high-quality organic products to Clients within a shorter lead time than in the case of a classical arrangement of sequential processes. The Cooperation Agreement has been entered into for an indefinite period of time, with the possibility of termination with prior notice according to the rules specified therein. It does not stipulate exclusivity for any of the parties. The financial conditions for the provision of services by the parties will be agreed upon individually for each customer project, depending on the scope and terms and conditions of the contracted services. The first joint project as part of the established cooperation is the execution of an order (for the aforementioned Instituto De Biologia Molecular Do Paraná - IBMP); however, putting this project into effect requires Sartorius to accept the order placed by the Company. Mabion expects this to happen by the end of Q2 2025. The Cooperation Agreement with Sartorius gives the Company an opportunity to jointly conduct procurement processes in the future and thus acquire new customers, as well as to expand its CDMO service portfolio. The establishment of cooperation with the partner is in line with the assumptions of the Strategy for 2025-2030. The Company announced the conclusion of the Cooperation Agreement and the first joint project under the cooperation in Current Report No. 5/2025 of 14 April 2025.

3. Conclusion of an agreement with WPD Pharmaceuticals Sp. z o.o. for the provision of analytical method development services

   On 17 April 2025, the Company entered into an agreement with WPD Pharmaceuticals Sp. z o.o. ('Contracting Party') for the provision of services related to the development of analytical methods for a recombinant protein medicine candidate conjugated with a cytotoxic compound, as well as for the intermediate protein product. The scope of work includes process control, characterisation of the protein intermediate and conjugate, and release testing analytics ('Agreement').

   Under the Agreement, the Company will carry out a project aimed at developing an analytical panel required to characterise the specified protein molecules and the recombinant protein-cytotoxic substance conjugate. The comprehensive analytical panel defined in the Agreement will include methods for assessing molecular structure, physicochemical parameters, and biological activity. The Agreement will be implemented in stages, within which specific work packages covering defined groups of methods will be carried out.

   The agreement is scheduled for completion in Q1 of 2026. The total net consideration under the agreement amounts to approximately PLN 2.0 million, with 10% of the total fee payable upon delivery of the general project plan to the Contracting Party. The remaining amount will be invoiced progressively in line with the advancement of the project. The remuneration is subject to adjustment based on specific conditions stipulated in the agreement.

   The agreement was concluded subject to the condition precedent of the Contracting Party concluding an agreement on co-financing necessary for the implementation of the project covered by the Agreement.

   On 19 May 2025, the Company received information from the Ordering Party that the latter had entered into a co-financing agreement for the project, thus the agreement for the provision of analytical method development services by the Company to the Ordering Party entered into force.

   The Company informed of the conclusion of the agreement and subsequently on the fulfilment of the condition precedent in Current Reports no. 6/2025 of 17 April 2025 and no. 12/2025 of 19 May 2025.

4. Adoption of the Company's Strategy for 2025-2030 and update of the Company's ESG Strategy for 2025-2027

   On 23 April 2025, the Company's Management Board adopted a resolution on updating the existing Strategy of Mabion S.A. for 2023-2027 of which the Company informed in its Current Report no. 7/2023 of 18 April 2023, by adopting the Strategy of Mabion

   S.A. for 2025-2030 as well as on updating the ESG Strategy of Mabion S.A.

   The Strategy for 2025-2030 builds on the assumptions adopted in the time frame of the previous strategy, while taking into account the experience gained in recent years and current market needs. The development of Mabion as a biological CDMO offering integrated services - from cell line development and process development, through process and product analytics, to commercial manufacturing of biological medicines - remains its foundation. The main changes included in the Strategy for 2025-2030 compared to the previous Strategy for 2023-2027 consist in further specifying the strategy, extending the time horizon, and calibrating the objectives. The Strategy for 2025-2030 focuses more on the commercialisation of services, precise definition of the target customer group (small and medium-sized bio-tech companies), development supported by new, planned industry partnerships, and the phased expansion of the Mabion II facility. The Strategy for 2025-2030 puts more emphasis on the need to improve profitability and provides for a more complex model of growth financing. Under the base scenario, it assumes acquisition of debt financing. An alternative to this scenario could be to acquire an industry or financial investor, or to issue shares.

   In parallel with the adoption of the Strategy for 2025-2030, Mabion also revised the objectives of its ESG Strategy for 2024-2027 and adjusted it to the Company's business objectives, needs, and capabilities, as well as to the dynamics of changes in the legal environment. Only selected specific targets, for which the Company has set new deadlines, have been updated. The updated ESG Strategy covers the years 2025-2027.

   Detailed information on the adopted Mabion S.A.'s Strategy for 2025-2030 is presented in the Company's annual report for 2024, published on 24 April 2025.

   The Company informed about the adoption of the Strategy for 2025-2030 in Current Report no. 7/2025 of 23 April 2025.

5. Ordinary General Meeting of Mabion S.A.

On 26 May 2025, the Ordinary General Meeting of Mabion S.A. was held, which adopted resolutions, among other things:

• on the approval of the Company's financial statements for the financial year 2024 and the Directors' Report on the Company's operations for the financial year 2024, approval of the report of the Supervisory Board of Mabion S.A. for the year 2024,

• on the positive opinion on the remuneration report concerning the Management Board Members and Supervisory Board Members of Mabion S.A. for 2024,

• on granting discharge to all Members of the Management Board and Supervisory Board of the Company for the performance of their duties in the financial year 2024,

• on covering the loss for the financial year 2024, pursuant to which the Company's net loss for the financial year 2024 in the amount of PLN 6,334,493.25 will be covered from future profits, in accordance with applicable regulations,

• on the amendment of § 22(1)(b) of the Articles of Association of the Company with regard to the competence of the Supervisory Board of the Company to select an audit firm to audit and review the financial statements of the Company, provide assurance services in relation to the remuneration report and certify the sustainability reporting.

The amendment to the Company's Articles of Association referred to above will become effective upon its entry into the National Court Register. By the date of publication of these statements, the amendment to the Company's Articles of Association has not yet been registered with the National Court Register.

The Company informed of the resolutions adopted by the Ordinary General Meeting of Mabion S.A. in Current Report no. 13/2025 of 26 May 2025.

Management Board

President of the Management Board

Member of the Management Board Member of the Management Board Member of the Management Board

Finance Manager acting as Chief Accountant

Konstantynów Łódzki, 27 May 2025

SCIENTIFIC AND INDUSTRIAL COMPLEX OF MEDICAL BIOTECHNOLOGY

Gen. Mariana Langiewicza 60 95-050 Konstantynów Łódzki Poland

Phones:

Reception: +48 42 207 78 90

Pharmacovigilance: +48 506 809 249

RESEARCH AND DEVELOPMENT CENTER

FOR BIOTECHNOLOGICAL MEDICINAL PRODUCTS

Fabryczna 17

90-344 Łódź Poland

Phone:

+48 42 290 82 10

https://www.mabion.eu